Signet, Tiffany Adjust Diamond Sourcing Programs

Signet and Tiffany & Co. recently made adjustments to their rough diamond sourcing and polishing programs.

Tiffany & Co. has decided that it no longer wants to cut and polish diamonds in Antwerp, Belgium, and plans to close the diamond polishing division of Laurelton Diamond Antwerp.

Laurelton will continue to headquarter its diamond preparation activities in Antwerp, including rough sourcing, sorting, and marking and sawing, the company said. However, if local authorities approve its plan, cutting and polishing will migrate to Laurelton’s other factories—located in Vietnam, Cambodia, Mauritius, and Botswana—as well as to specialized vendors.

A Tiffany & Co. spokesperson said the company’s larger rough sourcing policy has not changed.

Signet, meanwhile, had been selling its excess polished out of a New York City office it opened in 2015.

Recently, that office was closed, according to spokesman David Bouffard.

“We will continue to operate our diamond business in the same manner but will be utilizing other sales channels,” he said. “For example, we will operate sales out of [its headquarters in Akron, Ohio] and have also recently added a few online.”